Lifetime Income Language Should be Voluntary, Not Required

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WASHINGTON – The following statement should be attributed to Will Hansen, senior vice president of retirement policy, The ERISA Industry Committee (ERIC):

“The ERISA Industry Committee –the only national trade association that advocates for large employers on retirement policy at the federal, state and local levels– applauds the Senate Finance Committee for focusing on retirement security in America. While we are grateful that the Chairman’s mark includes provisions to expand automatic enrollment, we are extremely concerned that the mark includes a mandate to include lifetime income language on retirement plan statements, which will only drive up costs to administer a plan and lead to confusion among participants. Plan Sponsors should be allowed to voluntarily choose to include this language on statements based on the distribution options available to participants.”

About the ERISA Industry CommitteeThe ERISA Industry Committee (ERIC) is the only national trade association advocating solely for the employee benefit and compensation interests of the country's largest employers. ERIC supports the ability of its large employer members to tailor health, retirement and compensation benefits for millions of employees, retirees and their families. Learn more at eric.org.